Saudi Arabia’s oil production plunged by 1.9 million barrels per day in August to 6.238 million bpd, reportedly the lowest level since 1990, according to Bloomberg. Disruptions around the Strait of Hormuz and Bab al-Mandeb sharply hit Saudi crude exports, while Riyadh reportedly tapped stored crude to maintain supplies as Brent crude surged above $107 a barrel. | Videos

OPEC crude output dropped 900,000 bpd in August as Saudi Arabia's production fell over 1 million bpd to 6.98 million bpd amid export route

Saudi oil output drops to its lowest since 1990 amid supply disruptions. Crude oil reaches a new all-time high by December 31 at 11.5% YES.

Saudi Arabia's crude oil output significantly dropped last month to its lowest point since 1990. Renewed hostilities between the United States and Iran impacted the kingdom's…